HMRC is putting more taxpayers at risk of inquiry as it ramps up its data collection activities – this time by asking lawyers for information
Recently, HMRC has been collecting data on taxpayers by submitting information requests to professional services firms, such as lawyers and financial advisers, asking for confidential information on their clients. There was 19% rise in the number of these requests last year to 1,507, up from 1,276 in 2015/16. (more…)
Practice managers are often relied on by GPs to research some very technical topics; or they might be asked to monitor the smooth running of actions on which external advice has been sought. An example is 24-hour retirement. Here are some facts to be aware of. (more…)
MTD will take effect from 1 April 2019 for VAT purposes only for all businesses (unincorporated, companies, LLPs and charities) with turnover above the VAT threshold (currently £85,000). This means that for the first VAT return period beginning on or after 1 April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to:
- maintain digital records, and
- send their VAT information directly to HMRC using compatible software.
Sage Online Payslips/P60s keeps your payslips and P60s processes simple and straightforward, and is a great alternative way to produce your payslips and P60s.
The safe, secure online portal allows your employees to access their payslips and P60s online, 24/7 from any device. (more…)
A survey by Aldermore of 1,004 senior decision-makers in SMEs revealed that 23% had missed out on at least one new business opportunity due to lack of funding in the past 12 months.
The issue shows no signs of improvement, with 4% more businesses reporting this problem since the same survey was conducted in 2017. (more…)
Across most parts of the country, it has been a miserable spring. As we come into the key growing season there has been about 20% less sunshine than usual and well over 20% more rain – not to mention unseasonably late snow, frost, hail and gales. Spring cultivations in parts of the UK are up to a month late and even if crops can be drilled there will probably be a shorter growing season and lower yields. There is even talk of some land destined for root crops simply remaining fallow.
All of this means that cash flow is likely to come under pressure and forecasts which looked sensible six months ago may now need revision. So what can you do on the next wet day to increase your profitability? (more…)
Of the 787 business leaders surveyed, 48% have faced issues with late payments since April 2017.
Almost a third (31%) said this was the result of an “excessively bureaucratic payments system” in the company being invoiced. (more…)
The Revenue asked for businesses to step forward and trial the digital process from April 2018.
HMRC is monitoring the progress of businesses and sole traders, who have been submitting tax returns to help shape the system before it’s rolled out for VAT only next year. (more…)
The Federation of Small Businesses (FSB) warned that the doubling of minimum employer contributions into workplace pensions from 6 April 2018 will “hit the very smallest firms and startups the hardest”.
Firms in labour-intensive industries – such as retail, childcare and construction – will reportedly feel the impact most acutely. (more…)